Dec 11, 2012: Kingfisher Airlines which has seriously been facing a severe financial crisis has got some respite coming in from Etihad Airways. According to reports, United Arab National carrier Etihad Airways will be picking up a 48% stake in the cash strapped Kingfisher Airlines which has been grounded for over a month now. The deal is said to be for a little over Rs.3,000 crores. Etihad will be closing the deal in two instalments if reports are to be believed. 30% stake will be bought this month and the rest 18% will be bought in August next year.
Etihad Airways has been on a buying spree this year and has bought stake in three international airlines i.e. Virgin, Air Berlin and Air Seychelles. Industry is keeping a close watch on the developments and waiting in anticipation to see if the ‘King of Good Times’ Mr. Vijaya Mallaya will really have a good time in the future.